16th Mar 2026 10:15
(Alliance News) - CAB Payments Holdings PLC on Monday said it was "evaluating" a potential 95 pence per share bid from StoneX Group Inc.
The offer trumps a USD1.15, around 85p, per share offer from the Helios consortium, led by Helios Investment Partners LLP, a London-based private equity firm, which CAB Payments rejected, calling it "highly opportunistic".
New York-based financial services firm StoneX noted its potential bid for London-based payment processing and foreign exchange provider CAB Payments is at a 11% premium to the Helios bid.
Shares in CAB Payments rose 14% to 89.80p each in London on Monday morning for a market value of GBP223 million.
The Helios offer values CAB at USD297 million, around GBP224 million. The potential StoneX bid values CAB Payments at around GBP245 million.
In October 2024, StoneX made a 145p approach per share bid for CAB Payments but subsequently declined to make an offer.
CAB Payments listed back in 2023 with an initial public offer price of 335p per share.
StoneX said its proposal would provide a "compelling" opportunity for CAB Payments' shareholders to monetise holdings at an attractive valuation.
StoneX said it looks forward to engaging "constructively" with CAB Payments and the Helios Consortium to finalise the terms of a recommended transaction.
Helios Fund III already owns or controls around 45.1% of CAB Payments. The consortium said it has received irrevocable undertakings and a letter of intent that, combined with its existing stake, represent around 52.7% of the company's share capital.
StoneX said making a firm offer for CAB Payments depends on the "unanimous and unconditional recommendation" by the board of CAB Payments, receipt of hard irrevocable undertakings from each CAB Payments director, the Helios Consortium and Eurocomm Holding Ltd.
Eurocomm, which owns 5.2%, of CAB Payments, has pledged to support the Helios bid.
By Jeremy Cutler, Alliance News reporter
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